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Sinha oozes optimism: Next century will be India's, let's gear up with cable, e-commerce, Net

Union Finance Minister Yashwant Sinha today expressed optimism on India's economic might in the next millenium provided it is able to overcome infrastructural bottlenecks, completely abolish license quota permit raj and face the global challenges without seeking protection.

''We have to reconcile disparities and distances of centuries and gear up for the next millenium with the new tools like cable revolution, electronic commerce and the Net,'' he said, delivering the 33rd Walchand Memorial Lecture of the Maharashtra Chamber of Commerce and Industry in Bombay.

''I am optimistic that the next century will be ours and industry, agriculture and the service sectors will play an important role for achieving this,'' he said adding that only 15 months are left for the sunlight of next century and this is the right time to introspect and plan for future.

He said that the financial institutions have expressed optimism about the economy. He stated that India needs at least Rs 3 trillion for the development of infrastructure similar to foreign countries. ''I know it is a stupendous task, but we have to face it,'' he said adding both physical and human infrastructure needs to be developed.

''In the last five decades of independence, we have not given much thrust to infrastructure. But it is now time to have an effective plan to build up the required infrastructure. He said the Bharatiya Janata Party-led coalition government at the Centre is committed to give boost to infrastructure.

Sinha, a former bureaucrat, expressed concern over the status of public sector units in the country, who he referred to as ''holy cows''. ''For my policies, I've been known as anti-PSUs and anti-national,'' he said and added that divestment of PSUs is a must. ''PSUs have helped the economy in the past, but it is now a point to ponder over,'' he said. ''New assets can be created from the divested units,'' he added.

Another aspect that was crippling the economy according to him is the increasing subsidies. ''At least me and my predecessors of the last few years will agree on this point,'' he remarked.

''It has created huge distortions in the economy,'' he said adding that the era of competitive populism should go for the development of the country. He said that the present pathetic status of state electricity boards is because of the excessive subsidies in this sector.

UNI